Wedge Capital Management L L P NC lowered its holdings in Progress Software Corporation (NASDAQ:PRGS) by 10.7% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 464,122 shares of the software maker’s stock after selling 55,809 shares during the period. Wedge Capital Management L L P NC owned approximately 0.97% of Progress Software Corporation worth $17,716,000 at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. Riverhead Capital Management LLC increased its position in shares of Progress Software Corporation by 76.5% during the 2nd quarter. Riverhead Capital Management LLC now owns 3,530 shares of the software maker’s stock valued at $109,000 after purchasing an additional 1,530 shares during the last quarter. Public Employees Retirement System of Ohio increased its position in shares of Progress Software Corporation by 0.9% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 4,921 shares of the software maker’s stock valued at $152,000 after purchasing an additional 44 shares during the last quarter. Amalgamated Bank bought a new position in shares of Progress Software Corporation during the 2nd quarter valued at about $206,000. ETRADE Capital Management LLC bought a new position in shares of Progress Software Corporation during the 2nd quarter valued at about $213,000. Finally, Koch Industries Inc. bought a new position in shares of Progress Software Corporation during the 2nd quarter valued at about $223,000. Hedge funds and other institutional investors own 92.55% of the company’s stock.
Shares of Progress Software Corporation (NASDAQ PRGS) opened at $42.10 on Monday. The stock has a market capitalization of $2,012.71, a price-to-earnings ratio of 25.67 and a beta of 0.66. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.27 and a quick ratio of 1.27.
Progress Software Corporation (NASDAQ:PRGS) last released its earnings results on Wednesday, September 27th. The software maker reported $0.48 EPS for the quarter, beating the Zacks’ consensus estimate of $0.40 by $0.08. The company had revenue of $97.60 million during the quarter, compared to analysts’ expectations of $97.60 million. Progress Software Corporation had a positive return on equity of 20.30% and a negative net margin of 13.23%. The firm’s revenue for the quarter was down 4.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.44 EPS. equities analysts expect that Progress Software Corporation will post 1.65 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Friday, December 1st will be paid a $0.14 dividend. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.33%. The ex-dividend date of this dividend is Thursday, November 30th. This is a boost from Progress Software Corporation’s previous quarterly dividend of $0.13. Progress Software Corporation’s dividend payout ratio (DPR) is presently -45.87%.
Progress Software Corporation declared that its Board of Directors has initiated a share buyback plan on Wednesday, September 27th that authorizes the company to buyback $159.00 million in shares. This buyback authorization authorizes the software maker to reacquire up to 8.7% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its shares are undervalued.
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Several brokerages have recently commented on PRGS. Zacks Investment Research lowered Progress Software Corporation from a “buy” rating to a “hold” rating in a research report on Friday, September 29th. BidaskClub upgraded Progress Software Corporation from a “hold” rating to a “buy” rating in a research report on Thursday, August 24th. Wedbush restated a “neutral” rating and set a $32.00 price target on shares of Progress Software Corporation in a research report on Monday, September 18th. Finally, Benchmark Co. restated a “buy” rating and set a $42.00 price target (up from $34.00) on shares of Progress Software Corporation in a research report on Wednesday, September 13th. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $37.50.
Progress Software Corporation Profile
Progress Software Corporation is engaged in application development. The Company operates through three segments: OpenEdge, Data Connectivity and Integration (DCI), and Application Development and Deployment (AppDev). The OpenEdge business segment provides the product enhancements and marketing support to its partner base.
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